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Question: intuitively, which option would you pick? 1, 2 or 3 (see image in first post)
1 - bitcoins (worth USD 70)
2 - silver (worth USD 70)
3 - 50 EUR bill (worth USD 70)

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Author Topic: intuitively, which option would you pick? 1, 2 or 3 (see image)  (Read 3996 times)
molecular
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October 28, 2011, 10:07:53 PM
 #21

heh, why is fiat winning? people are zombies following a hunger for paper money.

Because I can actually pay with it in shops, contraryt o silver and bitcoin?

Isn't it what money is for?

Yes, but also: store of value.

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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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October 28, 2011, 10:08:41 PM
 #22

1 - cause once redeemed i can recycle the plastic and buy any other two options whenever i want Tongue

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October 28, 2011, 10:17:49 PM
 #23

3 because I don't want to look like movie character carrying a sack of gold.

How about:

4)  A bitcoin debit card
5)  Use the NFC chip in an Android phone to do transactions like Google Wallet.
molecular
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October 28, 2011, 10:20:47 PM
 #24

3 because I don't want to look like movie character carrying a sack of gold.

How about:

4)  A bitcoin debit card
5)  Use the NFC chip in an Android phone to do transactions like Google Wallet.

both great ideas. Implementation is hard, however (not technically, that's rather easy)

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molecular
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October 28, 2011, 10:22:15 PM
 #25

1 - cause once redeemed i can recycle the plastic and buy any other two options whenever i want Tongue

1 - cause with 1 coin from 1, I can soon buy option 2 and enough of option 3 to wipe my ass with until the end of time.

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molecular
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October 28, 2011, 10:23:06 PM
 #26

1 is gold?

nope, 1 are bitcoins. if you'd want gold, please pick 2, silver.

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October 28, 2011, 10:23:33 PM
 #27

1 - cause with 1 coin from 1, I can soon buy option 2 and enough of option 3 to wipe my ass with until the end of time.
*buys 1 bitcoin
I hope you're right Smiley

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October 28, 2011, 10:25:01 PM
 #28

1 - cause once redeemed i can recycle the plastic and buy any other two options whenever i want Tongue

1 - cause with 1 coin from 1, I can soon buy option 2 and enough of option 3 to wipe my ass with until the end of time.

yeah, awesome that too  Grin

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molecular
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October 28, 2011, 10:33:08 PM
 #29

1 - cause with 1 coin from 1, I can soon buy option 2 and enough of option 3 to wipe my ass with until the end of time.
*buys 1 bitcoin
I hope you're right Smiley

I've been thinking about how to "bring money online", because everything was going "online" back in the 90s with tremendous success. Nowadays it's hard to imagine our global society without the internet.

I did not succeed in finding a way to solve double-spend without having to say: "well, everyone will just have to trust me". So I knew the problem was hard and I actually wondered why no trustworthy banking authority would facilitate this. How naive of me.

When I saw Satoshis solution, I immediately knew that this was it! The solution to online money I'd been looking for back then. It dawned on me that it was probably also a good time to introduce a new global decentralized digital money.

The reason why bitcoin is taking its time to take off and adopt wider use, is because powerfull forces are working against it and the time is not quite right yet. But it will be right at some point and these powerfull forces will be overwhelmed by an even more powerfull force: the force of us people in unison.

We'll see, interesting times indeed.

Regarding bitcoin: in my mind, everything is working according to plan.

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molecular
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October 28, 2011, 10:36:37 PM
 #30

1 - cause with 1 coin from 1, I can soon buy option 2 and enough of option 3 to wipe my ass with until the end of time.
*buys 1 bitcoin
I hope you're right Smiley

I'm not sure about the silver, that could be worth a lot, too.

I'm sure however, about being able to buy enough FIAT currency to wipe my ass with for just 1 BTC at some point. Looking forward to that.

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October 28, 2011, 11:03:25 PM
 #31

heh, why is fiat winning? people are zombies following a hunger for paper money.

Because of the three, it has had the least fluctuation in value over the last 3 months.

Please give me your money, because I am a shameless libertarian elite who deserves your money more than you do: 9Hkao8U82WWDp6SQGn4k7ad9gT1LWeL5s3
molecular
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October 28, 2011, 11:12:06 PM
 #32

heh, why is fiat winning? people are zombies following a hunger for paper money.

Because of the three, it has had the least fluctuation in value over the last 3 months.

lol, if you compare bitcoin to namecoin, it doesn't fluctuate much either.

"Fluctuation" implies 2 objects. What are you measuring fiat fluctuation against?

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October 28, 2011, 11:13:38 PM
 #33

"Fluctuation" implies 2 objects. What are you measuring fiat fluctuation against?
It could be measured in groceries buying power. As in, non-currency objects. In that regard he would be right, I believe.

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October 28, 2011, 11:43:37 PM
 #34

3

Intuitively, I don't really know how much the others are worth

The 3 options are currently of equal value.

1 for me, btw.

Yes, I can easily calculate that, but my mind works in euros. I see that 50€ bill lots of times so I know how much it's worth. When I see a bunch of coins I need to think: "So they currently are worth around $3.2, and there are X coins in the photo so I would have N dollars and then in euros I would have...". My intuition skips the math and goes to "Hey, there's a 50€ bill here!".
molecular
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October 29, 2011, 12:20:37 AM
 #35

3

Intuitively, I don't really know how much the others are worth

The 3 options are currently of equal value.

1 for me, btw.

Yes, I can easily calculate that, but my mind works in euros. I see that 50€ bill lots of times so I know how much it's worth. When I see a bunch of coins I need to think: "So they currently are worth around $3.2, and there are X coins in the photo so I would have N dollars and then in euros I would have...". My intuition skips the math and goes to "Hey, there's a 50€ bill here!".
(emphasis mine)

Since I bought some silver coins yesterday, I started denominating everything in terms of silver coins: case of good beer: 1/2 coin. 700km ride: 1 coin. weekly grocery shopping: 1 coin. domestic flight: 3 coins, night at hostel: hmm, probably 2/3rds of a silver coin.
I've been doing it with bitcoin, too, but only since I received my casascius physical coins. I think the physical coins are a genious idea, because you actually start to "think" about bitcoin as money. Here I am, actually standing there in the shop, calculating the cost of cheese in BTC.

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October 29, 2011, 12:23:19 AM
 #36

I think the physical coins are a genious idea, because you actually start to "think" about bitcoin as money. Here I am, actually standing there in the shop, calculating the cost of cheese in BTC.
That's a fun thought experiment, but I see the BTC price at the moment still as rather volatile. If you get used to something now, it might be totally different next month…

molecular
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October 29, 2011, 12:49:17 AM
 #37

I think the physical coins are a genious idea, because you actually start to "think" about bitcoin as money. Here I am, actually standing there in the shop, calculating the cost of cheese in BTC.
That's a fun thought experiment, but I see the BTC price at the moment still as rather volatile. If you get used to something now, it might be totally different next month…

Yeah, that constant change takes getting used to, still fun.

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October 29, 2011, 12:51:18 AM
 #38

I like reversing the BTC/USD rate to a USD/BTC rate in my head, and trying to get the same emotions on a massive upswing as I get with a massive downswing. It makes no sense that these would give different emotions. Bloody psychology Smiley

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October 29, 2011, 12:56:25 AM
 #39

I like reversing the BTC/USD rate to a USD/BTC rate in my head, and trying to get the same emotions on a massive upswing as I get with a massive downswing. It makes no sense that these would give different emotions. Bloody psychology Smiley

That's how I see it.  Whenever the price rises I start freaking out as my fiat based income plummets.  BTC please stay low until I retire!!
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October 29, 2011, 12:57:07 AM
 #40

"Fluctuation" implies 2 objects. What are you measuring fiat fluctuation against?
It could be measured in groceries buying power. As in, non-currency objects. In that regard he would be right, I believe.

He can't read this, but BTCurious is correct. Volatility matters in terms of what you can buy with it. Alternatively, you could just compare it to USD, and see the same result.

Please give me your money, because I am a shameless libertarian elite who deserves your money more than you do: 9Hkao8U82WWDp6SQGn4k7ad9gT1LWeL5s3
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